Jimmy makes decorative ceramic tiles with Victorian designs. He is the only supplier of these handcrafted tiles. The tables below show the daily demand schedules and total cost figures for his tiles.
Price ($/unit) Quantity (units/day) TR MR Quantity (units/day) TC MC
20 0 0 0 0 2 0
19 1 19 19 1 3 1
18 2 36 17 2 5 2
17 3 51 15 3 8 3
16 4 64 13 4 12 4
15 5 75 11 5 17 5
14 6 84 9 6 23 6
13 7 91 7 7 30 7
12 8 96 5 8 38 8
11 9 99 3 9 47 9
10 10 100 1 10 57 10
9 11 99 -1 11 68 11
8 12 96 -3 12 80 12
If Jimmy is a single-price monopoly, at the profit maximisation output, is the market efficient? Explain. Suggest two methods Jimmy can use to increase his sales and profit. Explain your answer.